Business, international

SHRIL EYES JV FOR NOIDA GOLF COURSE PROJECT

Article Abstract:

Sterling Holiday Resorts (India) Ltd (SHRIL) of Chennai is searching for a joint venture partner for its golf course project at Greater Noida, near Delhi. It is seeking a partner who can invest Rs30-35 crore in the project. Sterling Holiday Resorts (India) Ltd has spent Rs80 crore on the project. It is also willing to sell the project. The project will have two 18-hole golf courses, an integrated sports complex, a social club, a family centre, a 400-room deluxe hotel and 500 time-share apartments. Sterling Holiday Resorts (India) Ltd hopes to earn Rs700 crore from the project in 5 years. It has finished the first phase of the first golf course, designed by Greg Norman. (ag)

Comment:

Sterling Holiday Resorts (India) Ltd (SHRIL) of Chennai is searching for a joint venture partner for its golf course project at Greater Noida, near Delhi.

ROOM RATES OF FIVE-STAR HOTELS FALL 5-15%

Article Abstract:

Five star hotels have reported five to 15 percent fall in their room rates to Rs6,500 and Rs7,000. The fall in room rates is attributed to stiff competition and a decrease in business travel. The average income of most of the hotels is likely to grow by just two to six percent during 1998-99 (six to eight percent during 1997-98). The Oberoi group has reported a fall in the average room rates (ARRs) at Mumbai and Delhi when compared to the ARRs in Bangalore and Calcutta. During November 1998, this group had an ARR of 11 percent. (ag)(m)